BUSINESS RESEARCHERS– MARKET RESEARCH (PART 3)

The objective of research, according to Tuckman (1978) in Thomas et al. (2005:3), is to distinguish how things really are compared to how they might appear. He also believes that in order to achieve this, research suggests a careful and systematic means of problem solving.

Business learning’s

From a business perspective it has become very evident that trends play a very important role when choosing a product to introduce to the market. Using a questionnaire is a very valuable market research tool a business can use to establish whether there is a need for the intended product and whether consumers will actually pay to have it. It has been very insightful to learn that a business should establish what customers need and want and satisfy this need as opposed to selling a product there is no real need for. It is important for a business to realise that it is much easier and more profitable to satisfy an existing need as opposed to creating a new need and trying to change the mind-set of consumers. Our business established that we will be solving the problem around closet space as opposed to adding yet another clothing item to an already over-full closet. As a business we were also challenged with the problem of selling a predominantly female product to male consumers. As a business we have adopted the approach that males can buy our product for their loved ones (i.e. girlfriend, sister, etc.) and even suggest ways that males can wear our product. We have learnt not to exclude certain customer segments just because they are not the emphasised target market as this would result in the loss of potential sales.

It is evident that from conducting market research many valuable lessons have been learnt as an individual, group and as a business. Market research should be taken very seriously as the voice of the consumer speaks very loudly and should be heard. In the end it is all about giving the customer what they want and satisfying their specific needs.

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GROUP RESEARCHERS– MARKET RESEARCH (PART 2)

“Research is to see what everybody else has seen, and to think what nobody else has thought – Szent Gyorgyi” (Thomas et al., 2005:3).

Group learning’s

It has become evident that within a group context, individuals will possess different strengths that others don’t have. Working towards my own strengths but also attempting to develop new skills and not only stick to what I know has been a great learning curve for me as member of a dynamic group. I have learnt to rather buddy up and ask team members to help and guide me when I am doing things that I am not confident with. Practice makes perfect and group support is critical in challenging times.

Dividing work up into smaller tasks allows the group members to get more done at once as opposed to doing each task together. Hence, it has been valuable learning how to solve problems and perform tasks in a parallel manner.

It has been interesting to see how each group member is creative in their own unique way. Group creativity sessions have been extremely valuable when coming up with a product name and brand. It is very exciting when the different ideas of different members begin to spark off each other as opposed to the slow process of individual creative thinking.

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INDIVIDUAL RESEARCHERS – MARKET RESEARCH (PART 1)

Our group recently tackled the daunting task of conducting market research. Thus, this week of blog submissions will be dedicated to some of the aspects that I have learnt around market research.

The Reader’s Digest Pocket Dictionary (1969:456) defines research as a “careful search or inquiry”; an “endeavour to discover facts by study or investigation”; or a “course of critical investigation”. The above definition of research may be interpreted in different ways, depending on the experience and background of the individual.

Individual learning’s

Being an individual with a shy and reserved nature, approaching people in public to complete our market research questionnaire was a very daunting task. However, keeping in mind the bigger picture of why I needed this valuable research information was enough motivation to bite the bullet and get the questionnaires completed. This was yet another activity that has required me to improve my interpersonal skills and to refrain from staying in my comfort zone. Compiling and conducting a questionnaire has been very useful in the development and improvement of my research skills. Conducting a questionnaire taught me to engage with all types of people and to gather research in a non-intrusive and friendly manner.

Establishing exactly what I want and expect from our brand before attempting to create and introduce it to the market has been a very important lesson. The process of changing our product various times has caused me to feel despondent and unmotivated. It also created high levels of tension and frustration amongst the group members. I have learnt that by establishing what I expect from our brand will result in the motivation to persevere with a specific product and not change to yet another product just because things seem too challenging and not rewarding enough. You will not be able to convince or excite people about your product if you don’t have certainty of or the confidence in the product or brand yourself.

Being a developing entrepreneur I have learnt to fail fast, adapt and innovate when hitting the wall. When planned activities do not pan out the way they were expected to it is more valuable to learn from my mistakes, persevere, innovate and improve than to dwell on failure. The way in which entrepreneurs are able to use their creativity and innovation to take a problem and turn it to their advantage while solving the problem at hand, is a valuable skill I am developing this year. I have learnt that it is important to use my available resources and tap into my personal network when trying to solve any problem. Keeping my options open and not setting my mind to only one version or idea of how things have to occur will prevent disappointment and allow me to more easily appreciate the point of view of others. I have learnt to anticipate and plan ahead as things may not always go my way. This will ensure that I am prepared when things do go wrong.

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Inside the needs of a team- 3 May 2013

Hello,

Recently in class we have focused on the topic of leadership and its relation to the fundamental human needs. This relates to our business as good leaders are also good team members. Most people consider team work terrible, but after the following insight and the resulting adaption of my approach, my experience of team work has begun to change.

Manfred Max-Neef  said” Your effectiveness as a human being, let alone your effectiveness as a leader, depends on how effectively you can engage with your own fundamental needs and with those of the people around you.”

He identified 9 fundamental human needs; they are non-hierarchical and finite. The needs identified are

Subsistence

Protection

Affection

Understanding

Participation

Creation

Idleness

Identity

Freedom

By viewing needs as non-hierarchical, we identify that all 9 needs are equally important. In order to be truly happy, one should have balance of all 9 needs. This relates to us as consideration for team members are highly important in effective teams.  For example; when someone talks in a group and gets shut off the needs that are affected are protection, understanding, creation, identity and freedom. This would result in retraction from the member and a less efficient team.

There are tons of theories out there, getting lost in them can be confusing, my advice is if it resonates with you then apply it to your life. If not, keep looking and find one that does.

Until next time, 
B

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Our Busniess Values- 2 May 2013

Hello, 

We are currently working on our shareholders agreement for our business. The section I have been responsible for are our core values. We have decided to choose three core values that we will use as a base in driving our business. As we aim to be transparent in our business practice, it’s of great importance that our customers know what we value.

Sustainability

By committing to sustainable practice the team strives to ensure sustainable environmental, social and financial practice. With regard to environmental sustainability we aim to achieve this by using locally produced materials that are not harmful to the environment to produce our product, following a sustainable packaging policy and by ensuring our suppliers and manufacturers adhere to strict environmental policies. We aim to achieve this by empowering South Africans, specifically within our communities, in our business practice, supporting proudly South African businesses as suppliers and manufacturers to the best of our ability without it hindering on our ability to be profitable and by forming a strong relationship and adding value to the South African consumer. Finally with regard to financial sustainability we  to achieve profitability and be able to show its relation to the success with our other sustainability practices. We acknowledge that this is a process and although we may not achieve sustainability in every aspect, we aim to set high standards for future entrepreneurs.

The pursuit of excellence

The pursuit of excellence is a philosophy that the team would like to follow as we acknowledge that we are learning and that mistakes are part of the learning process. We strive to pursue excellence by being self-aware, having an open democracy, supporting each other through peer leadership, never being satisfied and as a result continually developing and improving as individuals and as a business to offer superior value to our customers and to learn as much as possible.

Respect

In order to achieve our mission statement and be successful it is important for the members to respect each other and the differences in each individual that make up a very versatile business. We support open communication and understand the importance of listening and discussing, with an open mind, the opinions and ideas of each member. All interactions between members or with any other business associate, be it supplier or board member, should be done with respect.

Until next time,

B

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Report back on Cake Sale- 1 May 2013

Hello,

We are into week 10 of the course and I have to admit the pressure is finally hitting us full swing. In the last two weeks we have had our final cake sale event, two tests and five deliverables due. The week ahead is made up of two tests and the most important deliverable we will submit this year- our shareholders agreement. 

I thought it a good idea to share with you the results from our fundraising efforts. The combined total income for our fundraising events is R 21 076.95. We are still selling raffle tickets at a cost of R5 each, if there is anyone who would like to win an iPad. This money, along with any more we make from the raffle will be used to produce our product. This is a new product to the South African market and we look forward to sharing all the details with you in the near future.

Although we only had time to take photo's after the event, at least we got some and raised more than our target in one day! 

Store from the front, people ordering pizzas

Production and pizza oven at back

Until next time, 

B

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